DXP Enterprises, Inc. (Nasdaq: DXPE) recorded a net loss of $50.5 million for the fourth quarter ending Dec. 31, 2009, compared to profit of $7 million for the fourth quarter of 2008. Sales declined 28.8% to $137.8 million.
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Sales for 2009 were $583.2 million, a decrease of 20.9% from 2008. Full year net loss was $42.4 million, compared to year ago profit of $25.9 million.
\”In connection with the severe economic recession, we incurred an impairment of goodwill and other intangibles. In converting Precision to our IT system we discovered old and slow moving inventory. In addition to these non-cash events, we incurred restructuring and other one-time charges,\” said CEO David R. Little. \”We feel good about our future and we are excited about our new potential acquisition.\”
In February, DXP entered into a non-binding letter of intent to acquire Phoenix, AZ-based Quadna, a supplier of fluid handling systems.
